SEC Charges Vinh Le and His Company with Fraud

The Securities and Exchange Commission (SEC) announced that on December 15, 2015, it filed charges against Vu Le a/k/a Vinh Le and his company, TeamVinh.com LLC (“TeamVinh”), in connection with their fraudulent raising of more than $3 million from over 5,600 investors throughout the United States and in various foreign countries.

According to the SEC’s complaint filed in federal court in Minnesota:

Vinh Le, who previously had been convicted of forgery and barred from offering or selling securities by state authorities in Minnesota and Wisconsin, and TeamVinh lured people into buying memberships in a program that Le and TeamVinh claimed to be a referral network that investors could use to earn an income from multi-level marketing companies without the investors having to do any work.

None of these investments had any legitimacy. Investors never received the promised payments, and Vinh Le misappropriated the overwhelming majority of investor money to fund his own lavish lifestyle, including spending more than $2 million of investor funds at a Las Vegas casino.